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IVA – Debt Cutting Process

Author : shiny jones

IVA is the short form of Individual Voluntary Arrangement which provides solution for people experiencing debt problems, when someone is in serious debt. This is the best option for people who much less severe alternative to the more widely known option of bankruptcy. Having this agreement one can save their house and car and any kind of assets which does not involve for this agreement. In case these are getting involved an insolvency practitioner will be responsible to drawing up for an IVA. And IP will choose the amount which you have to be paid in each month. Assisting of this you can get the best possible deal which you concerned is treated fairly and can ask only to pay back what you can afford and what things are allowed in favor one over other and you could risk losing your license.

So, SKT Finance is here to provide the help how you can apply for IVA and what are its pros and cons? With the help of Debt Cutting IVA, you can cut your all the debts and can freeze them and the interest too. To get the further debt you can take with the help of IVA. By having this agreement, as you pay on time, you can be debt free within the in 5 years. So, you people who consider this IVA should pay on the time. In order for the case, which you consider can reduce their debts minimum of 75% when you accept the proposal at the creditors meeting prepared by the IP (Insolvency Practitioner).

Your monthly payments to your lenders will depends on the income which you have to pay around £250-£300 in a month and up to next five years you will need to prove that you can keep up these repayments. In order to qualify for an IVA you need to have £15,000 worth of unsecured debt, need to owe money to 3 or more different creditors, should be employed or have a sufficient alternative source of income and must be a resident of United Kingdom. If you repay the amount on the time then you may reduce the risk being made bankrupt by your creditors. Don't worry; creditors will not make you bankrupt unless you step outside the agreement, so follow all the terms of creditors. With the IVA Advice you easily can keep monthly payments on time which will be the best symbol to reduce all the debts.

Author's Resource Box

Satty Jones is a financial expert dealing with IVA in UK. If you want to know more about IVA Advice and For further details of Finance, Please visit: Debt Cutting IVA

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Tags:   IVA, IVA Advice, Debt Cutting IVA

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Submitted : 2011-08-23    Word Count : 448    Times Viewed: 419